3.0. SR 04-02-2001 - Laserfiche WebLink

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funds, TEA21 funds, and city municipal state aid. The remainder of the street and storm sewer project will be funded with city reserves and project funds. Western Area Phase 4 - $1,275,000 Series 2000B General Obligation Permanent Improvement Revolving Fund Bonds were issued in November to finance trunk sewer and water extensions, Business Center Drive and Waco street improvements, and associated storm sewer. This bond issue will be paid entirely by special assessments levied against benefiting property. Refunding Bonds - Two refunding bonds were issued to refund the 1989B (TIP 6 Mork Clinic) and 1990A (TIF 7 AmericInn) Taxable General Obligation Tax Increment Bonds and the 1992A General Obligation Improvement Bonds (Western Area Phase 1). The refunded issues resulted in present value interest savings of $70,525.57. Estimated New Debt in 2001- Absent developer requests to finance improvements, there are no large street, storm sewer, trunk water or sewer, or facility projects planned that would require the issuance of bonds. Water revenue bonds of approximately $2,700,000 are expected to be issued to finance well and tower construction in east Elk River. ECONOMIC DEVELOPMENT /TAX INCREMENT FINANCING (TIF): Reviewing, analyzing, monitoring, administering, and reporting on TIF and, to a lesser extent, other economic development programs continues to be a small but very important function of the Finance Department. The Finance Department continually monitors TIP legislation and legal interpretations by the Office of the State Auditor (OSA) as they relate to the City's TIF districts. This year a task force of several city finance directors, including Elk River's Finance Director, legal staff and representatives from the League of Minnesota Cities, the Association of Metropolitan Municipalities, and other government organizations met to develop a discuss issues and develop strategies for meeting legal compliance as determined by the OSA and dealing with issues raised by the OSA. The task force met with lead TIF representatives from the OSA to try to come to a compromise on several issues and to talk about recent law changes such as the involvement of the Attorney General in determining materiality of non- compliance findings. Although much discussion took place, the OSA did not make any changes in its enforcement procedures, legal interpretations, or outlook on compliance. Unfortunately, this forces cities to apply today's rules to past actions taken under laws and rules in place at the time the district was established or amended. To some extent it is like filing your income taxes under the current laws and regulations and several years later getting a letter from the IRS saying that return from several years ago now needs to comply with all the new laws that were not in existence at the time you filed the return. Staff will do its best to ensure that the city closely follows current TIF requirements imposed by the State and the associated interpretations of the OSA. INFORMATION SYSTEMS: In the past the City has relied on consultants to meet its network administration and other computer needs. The addition of an entirely new computer system, including a rather complex network, in the police department made it possible to justify the addition of a staff member to handle the city's computer issues. Fortunately, Andover was in a similar situation so the two cities now share an Information Technology Coordinator employed by Andover. All departments including streets, fire, and the senior center have utilized this employee extensively. At some time in the near future, Elk River will